Bajaj Housing Finance Limited provides housing finance services in India. It offers finance to individuals, as well as corporate entities for the purchase and renovation of homes or commercial spaces. The company also provides loans against property for business or personal needs, as well as working capital for business expansion purposes. In addition, it offers finance to developers engaged in the construction of residential and commercial properties, as well as lease rental discounting to developers and high-net-worth individuals. The company was formerly known as Bajaj Financial Solutions Limited and changed its name to Bajaj Housing Finance Limited in November 2014. The company was incorporated in 2008 and is based in Pune, India. Bajaj Housing Finance Limited operates as a subsidiary of Bajaj Finance Limited.

BUILD UP FREE CASH	2023-03-31 (A)	2024-03-31 (A)	2025-03-31 (A)	2026-03-31 (E)	2027-03-31 (E)	2028-03-31 (E)	2029-03-31 (E)	2030-03-31 (E)
Revenue	56,525.9	75,793.5	95,281.6	43,331.4	52,122.2	64,320.4	64,320.4	64,320.4
Revenue % Chg.	50.2%	34.1%	25.7%
EBIT	49,124.7	68,558.9	87,526.9	33,932.1	41,055.1	50,043.4	50,043.4	50,043.4
EBIT Margin	86.9%	90.5%	91.9%
Tax Rate	26%	19.9%	21.9%
NOPAT	36,345.3	54,915.8	68,338	26,314.3	31,838.2	38,808.7	38,808.7	38,808.7
NOPAT Margin	64.3%	72.5%	71.7%	60.7%	61.1%	60.3%	60.3%	60.3%
D&A	268.1	300.7	297.4	135.2	162.7	200.8	200.8	200.8
D&A / Revenue	0.5%	0.4%	0.3%
Capex	-203.7	-256.2	-250.7	-114	-137.1	-169.2	-169.2	-169.2
Capex / Revenue	-0.4%	-0.3%	-0.3%
Chg. NWC	-155,051.2	-162,303.6	-194,361.7	-100,012.8	-120,302.7	-148,457.4	-148,457.4	-148,457.4
Chg. NWC / Revenue	-274.3%	-214.1%	-204%
Unlevered FCF (UFCF)	-118,641.5	-107,343.3	-125,977	-73,677.2	-88,438.9	-109,617.2	-109,617.2	-109,617.2
UFCF % Chg.	11.6%	-9.5%	17.4%	-41.5%	20%	23.9%	0%	—
PV of UFCF	—	—	—	-67,377.2	-73,961.1	-83,833.6	-76,665.1	-70,109.6
Sum of PV of UFCF	—	—	—	-67,377.2	-141,338.3	-225,171.9	-301,837	-371,946.6

Cost of Debt
Tax Rate
After Tax Cost of Debt	6.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	12.2%
Total Debt	818,859.1
Market Cap	939,220.8
Total Capital	1,758,079.9
Debt Weighting	46.6%
Equity Weighting	53.4%
WACC	9.4%

Exit Multiple EV/FCF
Terminal Value	1,744,835.4
PV of Terminal Value	1,020,547.4
Cumulative PV of UFCF	-371,946.6
Net Debt	805,614.6
Equity Value	-157,013.8
Shares Outstanding	8,332.3
Implied Share Price	-18.8
Current Share Price	112.7
Implied Upside / (Downside)	-116.7%